* Japan's Nikkei slumps 3%, South Korea's KOSPI down almost
4%
* Selloff comes after big gains for the quarter to record
highs
* Nasdaq futures slip 0.6%, yen languishes near 40-year lows
* Oil hovers near four-month lows; gold down 11% this month
By Stella Qiu
SYDNEY, June 26 (Reuters) - Asian shares eased from record
highs on Friday as hefty price hikes from Apple ( AAPL ) showed the
downside of the boom in chip demand, while only the threat of
Japanese intervention kept the yen from hitting 40-year lows.
Brent crude futures slipped 0.5% to $74.89 a barrel,
having bounced 2% from four-month lows overnight on reports that
a ship was attacked when exiting the Strait of Hormuz. Tehran
has warned vessels against taking routes that it had not
approved, though more stranded oil tankers have crossed the key
waterway with the help of military escorts, easing supply
concerns.
Nasdaq futures declined 0.6% in Asia. The Nasdaq
swung lower overnight after Apple ( AAPL ) slid 6.1% after
announcing price hikes for iPads and MacBooks to counter surging
memory and storage chip costs, wiping about $250 billion off its
market value. Microsoft ( MSFT ) is raising prices for its Xbox
gaming consoles by up to $150 worldwide.
That tempered investor enthusiasm about a blowout earnings
report from chipmaker Micron this week, whose shares
surged almost 16% overnight to a record high.
"Micron tells us where the profits are. Apple ( AAPL ) tells us where
the inflation is," said Nigel Green, CEO at deVere Group, a
financial advisory firm.
"The race to build AI infrastructure has become so intense
that demand for advanced memory is outstripping supply," he
said. "Apple's ( AAPL ) decision to raise prices is an early warning that
inflation is finding a new route into the economy."
Analysts also say that month-end and quarter-end rebalancing
flows might have contributed to the weakness and choppy prices
in big tech companies, which have outperformed for much of the
second quarter.
On Friday, MSCI's broadest index of Asia-Pacific shares
outside Japan fell 1.7%, bringing its weekly
loss to 3.4%, having hit a record high just on Monday. It was
down 1.6% for the month but up a whopping 24% for the quarter.
Japan's Nikkei slumped 3% and was headed for a
weekly drop of 1.3%. It has climbed 6% for the month and has
surged 38% for the quarter.
South Korea's KOSPI dropped 3.5% and was down 5% for
the week. It has surged a monstrous 70% in the second quarter.
Chinese blue-chips fell 1% and Hong Kong's Hang
Seng index lost 1.3%.
YEN WEAK
In the currency markets, the yen teetered near its
weakest level against the dollar in 40 years at 161.82, well
beyond the 160 level that many see as a line in the sand for
Japanese authorities.
It found little relief even as a U.S. inflation reading met
forecasts and traders trimmed bets for a rate hike from the
Federal Reserve in September.
Separate data also showed the U.S. economy grew faster than
previously estimated in the first quarter thanks to a downward
revision to imports, but consumer spending almost stalled,
casting doubt on growth momentum in the second quarter.
The dollar index, which measures the greenback's
strength against a basket of six major peers, held at 101.46,
not far from its strongest level since May 2025. It has risen
2.6% this month.
Treasury yields were steady on Friday after slipping a
little overnight. 2-year yields held at 4.1250%,
having eased 2 basis points on Thursday, while ten-year yields
were little changed at 4.4020%, having hit a nearly
two-month low of 4.3627% in the previous session.
Precious metals have had a rough month, with spot gold
down 11% to $4,020 an ounce and spot silver
sliding 24% to $57.3 an ounce.